StockNews.com Upgrades New Jersey Resources (NYSE:NJR) to “Hold”

StockNews.com upgraded shares of New Jersey Resources (NYSE:NJR) from a sell rating to a hold rating in a research report sent to investors on Sunday.

A number of other research analysts have also issued reports on the stock. Mizuho upped their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a neutral rating in a research note on Friday, September 20th. Argus raised New Jersey Resources to a strong-buy rating in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. lifted their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a neutral rating in a research report on Thursday, August 15th.

New Jersey Resources Stock Performance

Shares of NJR opened at $46.91 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. The firm has a market cap of $4.64 billion, a PE ratio of 18.54 and a beta of 0.59. New Jersey Resources has a 12 month low of $38.92 and a 12 month high of $48.68. The stock has a fifty day moving average price of $46.12 and a 200-day moving average price of $44.09.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The business had revenue of $275.64 million during the quarter, compared to analysts’ expectations of $283.56 million. During the same quarter last year, the business posted $0.10 earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that New Jersey Resources will post 2.95 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.84%. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, September 23rd. New Jersey Resources’s payout ratio is presently 71.15%.

Insider Transactions at New Jersey Resources

In related news, CEO Stephen D. Westhoven sold 26,600 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the completion of the transaction, the chief executive officer now directly owns 168,705 shares in the company, valued at $7,601,847.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other New Jersey Resources news, CEO Stephen D. Westhoven sold 3,400 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $45.00, for a total value of $153,000.00. Following the completion of the transaction, the chief executive officer now directly owns 195,305 shares of the company’s stock, valued at $8,788,725. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the sale, the chief executive officer now directly owns 168,705 shares in the company, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.

Hedge Funds Weigh In On New Jersey Resources

Large investors have recently made changes to their positions in the company. Avantax Advisory Services Inc. grew its position in New Jersey Resources by 2.8% during the first quarter. Avantax Advisory Services Inc. now owns 9,357 shares of the utilities provider’s stock valued at $402,000 after buying an additional 255 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of New Jersey Resources by 3.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock valued at $378,000 after acquiring an additional 307 shares during the period. Strategy Asset Managers LLC increased its stake in shares of New Jersey Resources by 5.2% in the 1st quarter. Strategy Asset Managers LLC now owns 7,942 shares of the utilities provider’s stock valued at $341,000 after purchasing an additional 390 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in New Jersey Resources by 0.9% in the 1st quarter. Ameritas Investment Partners Inc. now owns 46,847 shares of the utilities provider’s stock worth $2,010,000 after purchasing an additional 416 shares during the period. Finally, Arkadios Wealth Advisors raised its holdings in New Jersey Resources by 3.6% in the 1st quarter. Arkadios Wealth Advisors now owns 12,193 shares of the utilities provider’s stock worth $523,000 after purchasing an additional 428 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.